Goldman Sachs is moving ahead with plans to open the first bitcoin trading firm of any Wall Street bank and other banks will likely follow, said Spencer Bogart, a partner at Blockchain Capital.

“That’s what a lot of banks do, follow what Goldman does,” the blockchain venture capitalist told CNBC on Thursday.

“Most of these banks have heard about the numbers or seen the numbers that companies like Coinbase and Binance are putting up,” Bogart said on “Fast Money.” “There’s a real risk that some of those companies could overtake some of Wall Street’s biggest banks if they don’t get in the market.”